HANOI: The Vietnamese government, on Sunday, released a new real estate legislation with the aim to remove hindrances in the real estate market.
The resolution aims to address the imbalances in the demand and supply of real estate and focus on sustainable development.
The focus areas are institution development, social housing development and accountability through the promotion of capital sources from credit and corporate bonds.
As per the State Bank of Vietnam, as of December 31, 2022, outstanding credit related to real estate was nearly USD 33.65 billion.
Statistics by the Ministry of Finance show that as of October 28, 2022, issued corporate bonds were valued at 328.9 trillion VND, down 25.2% year-on-year, and decreased quarterly, with real estate firms making up 28.87% of the total.
To achieve the goal of revamping the real estate sector, amendments will be made to relevant laws such as the Law on Land, the Law on Housing, the Law on Real Estate Business, and the Law on Bidding.
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